November figures have Eurozone unemployment at a new record high of 11.8%, rising .1% from October figures and the previous high. The European Union as a whole held at 10.7%. Continue reading
Tag Archives: Spain
Spanish Bank Found To Have Negative Value
Bankia, one of the largest banks in Spain, has been found to have a negative net worth sending stocks tumbling almost 20%.
Spanish officials say the bank has been assessed with a negative $4.2 billion euro balance ($5.6 billion U.S.) and their parent company BFA with a negative $10.4 billion euro deficit. Continue reading
Eurozone Unemployment Hits A New Record High
Eurozone unemployment surged to a new record high of 18.49 million in September, an increase of 146,000 from August. The unemployment rate of 11.6% is almost a point and a half higher than one year ago.
Spain once again lead the way with an unemployment rate of 25.8%. In Spain and Greece, over half the workforce under 25 is unemployed. Continue reading
Spain’s Credit Rating Cut To Just Above Junk Status
In a major blow to Spain’s economy, ratings group Standard & Poor’s lowered the country’s credit rating to BBB-, one level above junk status, warning that other downgrades were possible.
The country is expected to be asking for a bailout in the midst of drastic spending cuts, tax increases and youth unemployment over 50%. Continue reading
Global Economic Recovery Weakens
The International Monetary Fund cut its projections for global economic growth by .3% and said that there are considerable possibilities of further deterioration in the world economic outlook.
One of the IMF’s biggest downgrades focused on the United Kingdom which had been forecasted to show very small growth through the rest of 2012. The revised forecast is calling for a .4% shrinkage. The Fund still believes that at least 1% growth for the UK is possible in 2013 but that forecast was also cut by .3%. Continue reading
Red Cross Makes Public Appeal For Spain As IMF Reports Dire Financial News
The Red Cross is making an appeal across Spain to help families who have been devastated by the economic crisis. The Red Cross mainly helped immigrants until this year but because one in four adults are unable to find jobs many Spanish families are now relying on food handouts.
The Spanish Red Cross is also claiming the dire economic situation is causing rising levels of inequality that will lead to social unrest. Continue reading
Eurozone Unemployment Hits Another High
Unemployment in the Eurozone has risen to 18.2 million after releasing economic data for August. The rate of unemployment remained the same after the rate for July was revised upward at 11.4%, however there was an increase of 34,000 out of work in the month.
The highest unemployment rate for an individual nation was Spain where one out of four eligible workers are unemployed. Austria had a rate of 4.5%. The rate in Germany, the Eurozone’s most stable economy, was 5.5%. Continue reading
Spain Prepares Bank Bailout
The second biggest lender in Spain is reporting that it could take up to 60 billion euros ($78 billion US) to bail out the country’s banks.
The results of independent stress tests of the Spanish banking system aren’t due to be released until September 28th but BBVA apparently obtained access to the information in advance. Continue reading
Spanish Prime Minister Rejects Bailout Conditions
Spanish Prime Minister Mariano Rajoy has stated that he will not accept any outside conditions on bailout funds that could potentially save his nation’s economy.
“I am absolutely convinced that everyone will be reasonable but I insist that we haven’t taken a decision,” Rajoy said during a national television address. “I will look at the conditions. I would not like, and I could not accept, being told which were the concrete policies where we had to cut.” Continue reading
Spain’s Largest Region Seeks Another Bailout
Catalonia, a region of Spain that makes up one-fifth of the nation’s economy, is requesting a new bailout of 5 billion euros to cover debts.
The news comes as Spain’s economy shrank even further according to official data from the second quarter of the year. The nation’s economy fell about .4% after the economy fell .3% in the first quarter of the year. It’s the third straight quarter where the economy has shrunk and the overall annual contraction in the second quarter on an annual basis is 1.3%. Continue reading
